GSA Capital Partners LLP Purchases New Holdings in Patrick Industries, Inc. (NASDAQ:PATK)

Key Points

• GSA Capital Partners LLP acquired 7,684 shares of Patrick Industries, Inc. (NASDAQ:PATK), worth approximately $650,000, showcasing growing institutional interest in the company.
• Patrick Industries reported $1.50 earnings per share for the last quarter, exceeding analysts' expectations of $1.41 and marking a 3.0% year-over-year revenue increase.
• Several brokerages have raised their price targets on PATK, with Raymond James increasing its target from $95.00 to $109.00, indicating strong bullish sentiment from analysts.

GSA Capital Partners LLP purchased a new position in shares of Patrick Industries, Inc. (NASDAQ:PATK - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 7,684 shares of the construction company's stock, valued at approximately $650,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PATK. Vanguard Group Inc. raised its holdings in Patrick Industries by 49.3% in the fourth quarter. Vanguard Group Inc. now owns 2,326,262 shares of the construction company's stock valued at $193,266,000 after acquiring an additional 768,102 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Patrick Industries by 48.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,863,547 shares of the construction company's stock valued at $154,823,000 after purchasing an additional 609,036 shares during the period. Capital Research Global Investors bought a new position in Patrick Industries during the fourth quarter valued at about $38,275,000. Capital World Investors lifted its holdings in Patrick Industries by 50.0% in the 4th quarter. Capital World Investors now owns 944,319 shares of the construction company's stock valued at $78,454,000 after acquiring an additional 314,773 shares during the last quarter. Finally, Nuveen Asset Management LLC boosted its position in shares of Patrick Industries by 495.5% in the 4th quarter. Nuveen Asset Management LLC now owns 345,815 shares of the construction company's stock valued at $28,730,000 after purchasing an additional 287,739 shares during the period. Institutional investors and hedge funds own 93.29% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on PATK shares. Benchmark upped their price target on Patrick Industries from $102.00 to $110.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Robert W. Baird boosted their target price on Patrick Industries from $84.00 to $90.00 and gave the stock a "neutral" rating in a research report on Friday, June 20th. Wall Street Zen upgraded Patrick Industries from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. BMO Capital Markets boosted their target price on Patrick Industries from $100.00 to $110.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Finally, Raymond James Financial boosted their target price on Patrick Industries from $95.00 to $109.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $104.86.

Insider Activity at Patrick Industries

In other Patrick Industries news, Director Todd M. Cleveland purchased 1,000 shares of the company's stock in a transaction on Tuesday, June 3rd. The stock was acquired at an average price of $82.75 per share, for a total transaction of $82,750.00. Following the completion of the purchase, the director directly owned 133,286 shares in the company, valued at approximately $11,029,416.50. The trade was a 0.76% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John A. Forbes sold 2,875 shares of the company's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $91.62, for a total transaction of $263,407.50. Following the completion of the transaction, the director owned 52,591 shares of the company's stock, valued at $4,818,387.42. This represents a 5.18% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 14,071 shares of company stock worth $1,205,964. Corporate insiders own 4.40% of the company's stock.

Patrick Industries Stock Down 1.4%

Shares of PATK stock traded down $1.44 during mid-day trading on Thursday, hitting $101.06. The company's stock had a trading volume of 82,567 shares, compared to its average volume of 357,032. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.75 and a current ratio of 1.96. Patrick Industries, Inc. has a 52-week low of $72.99 and a 52-week high of $103.99. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of 27.39, a PEG ratio of 1.49 and a beta of 1.23. The business has a 50-day moving average price of $94.57 and a 200 day moving average price of $89.58.

Patrick Industries (NASDAQ:PATK - Get Free Report) last released its earnings results on Thursday, July 31st. The construction company reported $1.50 EPS for the quarter, beating analysts' consensus estimates of $1.41 by $0.09. The firm had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $1.03 billion. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%. The company's quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.16 earnings per share. Research analysts predict that Patrick Industries, Inc. will post 5.33 EPS for the current fiscal year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Tuesday, May 27th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Tuesday, May 27th. Patrick Industries's payout ratio is presently 43.36%.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.